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Technology Stocks : TAVA Technologies (TAVA-NASDAQ) -- Ignore unavailable to you. Want to Upgrade?

To: Dr. J who wrote (12009)	2/27/1998 10:04:00 PM
From: Dr. J	Read Replies (1) \| Respond to of 31646

I just went through the CC and other info, and did some estimates which are remarkably close to First Call for this year, and lower for next year: Q3 0.06, Q4 0.15 (for a FY98 total of 0.14), FY99E 0.69. Obviously FY99 number makes TAVA look cheap, but the 99 numbers are total guesswork; we'll obviously know better next quarter how much real s/w business there is (last quarter there was 236K according to the CC) See below; if anybody wants this in spreadsheet let me know. Sorry for the poor alignment, even in Fixed Font Book to bill 114% 119% Q398E Q498E FY99E Q298 Labor CDs Total Labor CDs Total Labor CDs Total Revenue 10484 3375 2250 5625 9450 4500 13950 40500 18000 58500 Revenue 100% 100% 100% 100% 100% 100% 100% COGS 65% 46% 15% 46% 15% 46% 15% R&D 0% 0% 0% 0% 0% 0% 0% S&M 11% 13% 13% 13% 13% 13% 13% G&A 26% 5% 5% 5% 5% 5% 5% OPM -2% 36% 67% 36% 67% 36% 67% Interest income -100 EBIT -346 1215 1507.5 2722.5 3402 3015 6417 14580 12060 26640 Tax rate 0% 35% 35% 35% 35% 35% 35% 35% 35% 35% Net income -346 789.75 979.875 1769.625 2211.3 1959.75 4171.05 9477 7839 17316 D&A Capital FCF EPS $(0.02) $0.06 $0.15 $0.69 Growth Shares 17110 25000 25000 25000 Headcount (additional) 60 150 150 Rate/hour $125 $140 $150 Per quarter $62,500 $70,000 $300,000 At 90% billability $3,375,000 $9,450,000 $40,500,000

To: Dr. J who wrote (12009)	2/28/1998 11:10:00 AM
From: Dr. J	Respond to of 31646

I just went through the 10Q and Proxy Statement numbers to work out shares outstanding. 10Q says there were 20M as of 2/13/98. THe option plan says there were 1.77M options granted as of 12/1/97 (some of which may have been exercised between 12/1/97 and 2/13/98). As far as I know the 20M includes convertible preferred (was converted just at start of FY98) (I can get to the same 20M number using the conversion of 9% debt, exercise of options etc) SO I can get 22M shares, but not 25M. Can anybody show me what I am doing wrong?